The pair will head towards 108.10, and maybe lower. 61.8% retracement of 104.62 to 111.39 at 107.20 should restrain downside. Over 111.13, a repeat test of 111.39 level will be aligned.

The corrective fall from 118.65 should have finished at 104.62. USD/JPY is restricted inside of medium term falling channel from 118.65. Firm breach of 61.8% retracement of 104.62 to 111.39 at 107.20 will extend the decrease from 118.65 through the minimum of 104.62.

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